BANKING
+ '•7
18,105
Savings Banks
799 Private
1,408 Loan and
Total
m ,
Banks
1,087
620
Banks
Trust
Stock
Mutual
Companies
1,000
1,000
1,000
1,000
1,000
1,000
Dollars
Dollars
Dollars
Dollars
Dollars
Dollars
Liabilities.
Capital stock .
920,211
•»,ia
—
13,334
47:.:*-.
473
Surplus (nnd .
527,019
39,422
334,546
13,046
509,929
!,962
t b e i undivided
profits .
282,599
18,247
1
1 -
102,194
429,473
Dividends unpaid .
38
—
101
4,095
13,370
Individual deposits .
10,873,035
1,349,625
5,1S6,971
169,573
23,664,879
Postal savings de-
posits .
10.705
1,7.-6
1
28
16,133
Due to other banks
and backers .
4S6,t>44
841
no
2,139
454.542
864,282
Other liabilities
1,010,442
32,331
9,408
10,947
714,165
Total .
14,009,781
1,506,413
5,619,017
212,626
v M, U
29,667,85*
There is no Central National Bank in the United States, but the Federal ReserYe Act, adopted on December 23, 1913, set up a Federal Reserve Bank in each of the 12 districts into which the United States is divided for the purpose. The 12 Federal Reserve Banks and their paid-in capital (50 per cent, of the subscribed capital) on December 30, 1920, are shown as follows : —
Paid-in
Pal i-:n
District Federal Reserve Bank ^^ District Federal Reserv< Bank ^^^
1
Boston
•>
New Tork .
3
Philadelphia
4
Cleveland .
- ,
Richmond
g
Atlanta .
7
Chicago
of dollars)
St. Louis .
of dollars)
7.71S
8
4,354
9
Minneapolis
3.457
8,485
10
Kansas City
4,456
10,654
11
Dallas
4,098
5.269
12
v ai\ Francisco .
6,927
4,055 13,913
Total
99,770
Every National Bank is required to become a stockholder, to the extent of 6 per cent, of its capital and surplus (of which 50 per cent, must be paid in), in the Federal Reserve Bank of the district in which it is situated. Stite banks and Trust companies may also become member banks under certain conditions. On December 31, 1920, there were 8,168 National Banks members of the Federal Reserve System and 1,489 Member State Banks and Trust Companies giving a total of 9,657 member banks. The largest district was Chicago with 1.423 member banks, the smallest Boston with 439 members.
The Federal Reserve Banks, except for o]>en market purchases, do no banking business with the public, but only with their member banks. They may issue Federal Reserve notes against gold or commercial paper with a minimum gold reserve of 40 per cent. The whole system is under the control of the Federal Reserve Board, composed of the Secretary of the Treasurv and the Controller of the Currency, both exoficio, together with 6ve other appointed members.
